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UPI Is Free: NPCI Clarifies on Transaction Charges

Last updated: Jan 1st, 2024 at 8:04pm Edited by: Infotechies

No charge on normal UPI payment – NPCI

National Payments Corporation of India (NPCI): The National Payments Corporation of India announced in Mumbai on 29th March 2023 that people can use UPI payment and make payments without any charges. People use UPI digital payment that offers a fast, secure, and seamless experience. Over 8 billion transactions are no-cost charges for customers and merchants every month through bank accounts.

In 2008, NPCI was formed. It was operate retail payments and settlement systems in India. The types of payments offered by NPCI are RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC FasTag), and Bharat BillPay.

NPCI’s motive is to become India the fastest digital network with the lowest cost. It focuses on fast and secure payment and maintaining accounts in a secure way across India.

UPI Is Free for Bank Account and bank Transaction charges. Prepaid Payment Instruments (PPI Wallets) give the option of using any bank account, RuPay Credit card, or prepaid wallet on UPI-enabled apps. So that PPI customers have the interchange charges for the option

PPI merchant transactions also have no charges for using UPI payments. They are also free from charges for using UPI Payment. UPI has digital payment by offering a free, fast, secure, and seamless experience.

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